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Funds Talk: October 2017 - SEC Report Highlights Financial Firms’ Cybersecurity Improvements and Shortcomings

On Aug. 7, 2017, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a risk alert summarizing the results of its second cybersecurity preparedness examination. ...more

OCIE Releases Results of Cybersecurity Examination Initiative

On August 7, 2017, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a summary of its observations (the report) from cybersecurity examinations of 75...more

The Good and the Bad from OCIE’s Cyber Examinations and What Firms Should Do Next

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a National Examination Program Risk Alert (Risk Alert) on August 7, 2017 regarding observations from...more

Compliance into the Weeds-Episode 39, Disclosure of Ransomware Attacks

by Thomas Fox on

In this episode Matt Kelly and I take a deep dive into the question of whether a company has a duty to disclose ransomware attacks. We consider it from the regulatory, legal, ethical, law enforcement, business, PR and some...more

Cybersecurity Still Top FINRA Operational Risk

by Carlton Fields on

On January 4, the Financial Industry Regulatory Authority (FINRA) published its annual Regulatory and Examination Priorities Letter providing firms with information about areas FINRA plans to review in 2017 as well as...more

FINRA Fines Lincoln Financial Sub $650,000 For Cybersecurity Shortcomings

by Bracewell LLP on

A Lincoln Financial Group subsidiary agreed to pay $650,000 to the Financial Industry Regulatory Authority (FINRA) to resolve allegations that it failed to implement sufficient security policies to protect confidential...more

SEC Steps Up Cybersecurity Enforcement with $1 Million Fine Against Morgan Stanley

The Security and Exchange Commission’s (“SEC”) recent $1 million settlement with Morgan Stanley Smith Barney LLC (“MSSB”) marked a turning point in the agency’s focus on cybersecurity issues, an area that the agency has...more

SEC Cyber Update: Official Outlines Active Role for SEC on Cybersecurity as Enforcement Questions Persist

by Carlton Fields on

SEC Chicago Regional Director David Glockner spoke at a PLI Conference in New York on June 6 regarding the SEC’s data security regulations and enforcement efforts. Mr. Glockner acknowledged frustration with the Division of...more

New Appointment Underscores SEC’s Focus on Cybersecurity Threats

On June 2, 2016, the SEC announced the appointment of Christopher Hetner as Senior Advisor to the Chair for Cybersecurity Policy. Hetner, who was formerly the Cybersecurity Lead for the Technology Control Program within the...more

SEC Sanctions BD for Compliance Issues Tied to Data Security

by Dorsey & Whitney LLP on

Data security has long been a critical issue. Protecting confidential customer information is key for broker-dealers, investment advisers and other Wall Street participants. Cyber security is a related issue of at least equal...more

Stop Faxing

by Brooks Pierce on

I’ve long thought that sending faxes was a pretty silly means of communication. Don’t send me a fax. I don’t want it. At some point I’m hoping that even my kids’ doctor’s office will get dragged into the 20th century and...more

Reports Reveal Four Cyber Security Trends—and the Need for Better Cyber Security Training & Awareness

by NAVEX Global on

As cyber security issues continue to escalate and evolve, compliance officers have more opportunities to better protect and defend their organizations from cyber risk. One of compliance officers’ responsibilities is to stay...more

SEC Brings Enforcement Action Against a Broker-Dealer for Weak Cybersecurity Controls

On April 12, 2016, the U.S. Securities and Exchange Commission (“SEC”) continued its enforcement of reasonable cybersecurity controls, announcing cease and desist proceedings against a broker-dealer and two of its principals...more

SEC Continues to Focus on Cyber-related Disclosures

by Alston & Bird on

Participating in a panel at the “SEC Speaks” event on February 19, Deputy Director of the SEC’s Enforcement Division Stephanie Avakian expressed that the Commission continues to focus on cybersecurity as a top priority in...more

FINRA Targets Stockbroker’s Impermissible Transfer of Client Account Information

by Carlton Fields on

FINRA recently settled an action against a registered representative of a broker-dealer for alleged violations regarding the safeguarding and use of private consumer data. The broker accepted and consented to the settlement...more

Cybersecurity Preparedness & Response Alert: Effective Cybersecurity: The Evolving Regulatory Landscape for Investment Advisers,...

by Alston & Bird on

Cybersecurity has become a top concern for executives and boards across all sectors of commerce and critical infrastructure that rely on digital technologies—including financial services—and investment advisers, investment...more

Return of the Cyborg Part II: First-Ever SEC Cybersecurity Enforcement Action Filed Against Investment Advisory Firm

by Fenwick & West LLP on

As our last newsletter highlighted, the government is ramping up enforcement investigations against both regulated entities and public companies for perceived cybersecurity failures. Proving the point, on September 22, 2015,...more

FINRA Proposes Rules to Combat Financial Exploitation of Seniors

by Burr & Forman on

FINRA Reg. Notice 15-37 (Oct. 2015) requests prompt comment (by November 30) on proposed Rules aimed at detecting and minimizing financial exploitation of seniors and other “vulnerable” adults....more

Following the Wisdom of the Crowd? A Look at the SEC’s Final Crowdfunding Rules

by Morrison & Foerster LLP on

In this alert, we provide a detailed overview of the final rules, Regulation Crowdfunding, which will be applicable to crowdfunding offerings conducted in reliance on Section 4(a)(6) of the Securities Act of 1933 as amended...more

SEC Cybersecurity Update

Results from the SEC’s First Round of Cybersecurity Examinations - On February 3, 2015, the OCIE published a risk alert summarizing its findings from its examinations of over 100 registered investment advisers and...more

Proactive Approach To Cybersecurity: Recent SEC guidance and enforcement actions suggest that reactive firms may be in the SEC’s...

by Morgan Lewis on

In an environment where even the largest and most powerful corporations have fallen victim to data breaches, it can be challenging to fathom how to protect against the sophisticated and ever-evolving threat of cyber attacks....more

Investment Adviser Settles SEC Cybersecurity Enforcement Action; SEC Issues Investor Alert

by King & Spalding on

On September 22, the U.S. Securities and Exchange Commission (“SEC”) and R.T. Jones Capital Equities Management, Inc. (“R.T. Jones”), a St. Louis-based investment adviser, settled charges that R.T. Jones failed to adopt...more

SEC Ramps up Cybersecurity Scrutiny With Examination Priorities and an Enforcement Action

Why it matters - Signaling that it will continue to increase its scrutiny of firms' cybersecurity readiness, the Office of Compliance, Inspections and Examinations of the Securities and Exchange Commission (SEC) issued a...more

SEC brings first cybersecurity-related enforcement action

The Securities and Exchange Commission (“SEC”) recently settled its first cybersecurity-related enforcement action against a Missouri based registered investment adviser, R.T. Jones Capital Equities Management, Inc. (the ...more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

Non-Enforcement Cybersecurity Is At the Top of SEC Examination Concerns In a recent SEC “risk alert” for registered broker-dealers and investment advisers, the SEC’s Office of Compliance Inspections and Examinations (OCIE)...more

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Cybersecurity

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